New accounts and special offers crop up all the time, and it may be worth your while to change banks. You can also point out the competition's rates when negotiating terms with your own bank ? often these are flexible and a bank may offer you improved rates if you hint that you are considering taking your business elsewhere. Stay on top of bank charges, and if any show on your account that you do not understand, contact the British Bankers? Association for more detailed explanations on charges and interest: www.bba.org.uk

There are ways to minimise charges and run your account as smoothly as possible:

1. Automate Your Account

If you have frequent customers, you could encourage them to make payments by direct debit or standing order. The more electronic payments you have, the fewer charges you will incur. The same goes for your expenses ? try to use automated services for all your regular payments.

2. Bank Online

If your bank account has online facilities, make use of them. It is both more efficient and cost effective. Larger businesses may be offered ?PC banking?, which involves special software being installed on your accounting computer, so that your accounting system is linked directly to your bank.

If you find yourself struggling, for example if cash is short and it's becoming difficult to meet the repayments on your loan, the best course of action is to visit your bank and renegotiate your account. You should do your best not to exceed any overdraft limit that has been agreed, and stick to the terms of your account. If you break the terms of your agreement there can be stiff penalties, such as referral fees and administration costs.

If you accept a cheque which then bounces, you will lose the money owed to you and also incur a charge. Be sure to write the number of the cheque guarantee card on the back of all cheques

You should also keep your records scrupulously accurate ? noting all transactions and crosschecking your records with your bank statements. Not only will this mean you can query any discrepancies, but it will make filling in your tax return much quicker and easier!

Best Small Business Banking

While many people turn to their usual bank when opening a business account, it's advisable to shop around. There can be some advantages to using the same bank for personal and business accounts ? your manager may be more supportive if you are known to the bank and have a sound financial track record. However, each bank offers different services and has different bank charges.

Many banks are currently offering free business banking for a set period ? six months or a year ? as an incentive. There are also a variety of support packages, such as free business software and dedicated advisers to help with your business plan. Choose a bank that will give the best all round deal for your particular business ? you may also want to consider corporate ethos and ethical banking when deciding which bank to take your business to.

Choosing Your Accounts

Depending on your business type and size, you may need different accounts. If you are likely to be making frequent transactions, for example, you may be better off with an account that charges a fixed monthly fee, rather than a fee per transaction. If you need to process debit and credit card payments, you will need a merchant account.

For overseas trading, you may want a foreign currency account. As with personal accounts, it may be worthwhile to hold more than one type of account ? for example, a current account for day-to-day banking and a deposit account for investing profits. There's nothing to stop you having different accounts with different banks ? although you might get a better deal if you hold all your accounts with one.

Opening Your Account

You will need to set up a meeting with a business advisor to open an account. In order to prevent money laundering, you will need to provide certain information at this point ? including proof of identity such as driving license or passport, plus proof of your address and signature. The advisor will want to see a business plan and details of your financial planning. There are many schemes that offer help with putting together a business plan. Make sure you have as detailed a plan as possible when presenting it to your advisor ? this will help him or her to offer the best services for your needs.

You will also need an account opening mandate ? the bank will provide this.

Both Joe Kenny & are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

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